Top 10 Banks in Canada
Mesan Ali
Whether you are starting a business in Canada, getting your first job, or simply looking to secure your savings, opening a bank account can be a vital step. The banking sector in Canada is extensive, featuring numerous local and international banks that have a solid footing in the industry. Each bank excels in different areas, making it essential to choose the right one for your needs.
To help simplify your decision-making process, we've compiled a list of the top 10 banks in Canada, highlighting their standout features.
Overview of Banking in Canada
Canada's banking sector is robust, comprising both national and international financial institutions. With a blend of private and state-owned banks, the sector plays a crucial role in the nation’s economic development. Canadian banks offer a wide range of services, including personal accounts, loans, and corporate financing.
While some banks focus on traditional banking services, others are increasingly venturing into digital banking, catering to the growing demand for online financial solutions.
To open a bank account in Canada, you typically need the following documents:
Government-issued ID (e.g., passport or driver’s license)
Social insurance number (SIN)
Proof of address (e.g., utility bill or lease agreement)
While many banks offer free account options, some may charge monthly or annual maintenance fees. Getting your debit card and checkbook can take a few days, and using ATMs outside your bank's network often incurs additional transaction fees.
Top 10 Banks in Canada
Let’s explore the top 10 banks in Canada.
Royal Bank of Canada (RBC)
RBC is the largest bank in Canada, boasting total assets of C$2,076.11 billion as of July 31, 2024. With over 17 million clients, RBC offers a comprehensive range of services through its five divisions: Personal and Commercial Banking, Wealth Management, Capital Markets, Insurance, and Investor and Treasury Services. The bank's revenue for 2023 was C$56.13 billion, and it reported a profit of C$14.9 billion. RBC's market capitalization stood at US$172.7 billion as of January 30, 2025. Its expansive branch network, comprising approximately 1,340 locations worldwide, makes it a popular choice for both personal and business banking.
Toronto-Dominion Bank (TD)
TD Bank Group ranks as the second-largest bank in Canada, with total assets of C$1,967.18 billion as of July 31, 2024. The bank provides a wide array of financial products, including personal, corporate, investment, and insurance services. Its primary business segments include Canadian Personal and Commercial Banking, U.S. Retail Banking, and Wealth Management and Insurance. In 2023, TD generated C$51.84 billion in revenue, with a market capitalization of US$100.5 billion as of January 30, 2025. TD's commitment to customer service and digital banking innovations makes it a favorite among Canadians.
Bank of Nova Scotia (Scotiabank)
Scotiabank is the third-largest bank in Canada, with total assets amounting to C$1,402.37 billion as of July 31, 2024. Known for being Canada's most international bank, it operates in 55 countries and employs around 89,000 staff members. Scotiabank provides a full spectrum of services, including personal, corporate, and investment banking, as well as wealth and asset management. In 2024, the bank reported revenue of C$32.31 billion and a market capitalization of US$64.7 billion as of January 30, 2025. Scotiabank's global reach and diverse offerings cater to a wide range of customer needs.
Bank of Montreal (BMO)
BMO, one of Canada's Big Five banks, holds total assets of C$1,400.47 billion as of July 31, 2024. The bank offers a comprehensive suite of financial services, including personal and business banking, investment solutions, mortgages, loans, credit cards, and insurance products. For 2023, BMO reported revenue of C$31.20 billion and a market capitalization of US$73.6 billion as of January 30, 2025. BMO’s commitment to innovation and customer experience has solidified its reputation in the Canadian banking landscape.
Canadian Imperial Bank of Commerce (CIBC)
CIBC is another member of the Big Five banks in Canada, boasting total assets of C$1,021.41 billion as of July 31, 2024. The bank provides a range of services, including personal and business banking, wealth management, and investment solutions. CIBC also features a digital banking division called Simplii Financial, known for its low fees and user-friendly interface. The bank reported revenue of C$23.32 billion in 2023, with a market capitalization of US$60.5 billion as of January 30, 2025. CIBC's focus on digital banking has made it a popular choice among tech-savvy customers.
National Bank of Canada
With total assets of C$453.93 billion as of July 31, 2024, National Bank of Canada is often included in the "Big Six" banks in the country. The bank offers a variety of financial services, including personal and commercial banking, wealth management, and investment solutions. Although specific revenue and profit figures for 2023 were not specified, National Bank is recognized for its strong focus on customer service and innovative digital banking solutions.
ATB Financial
ATB Financial is a provincial Crown corporation based in Alberta, with total assets of C$60.38 billion as of March 31, 2024. The bank offers a range of financial services, including personal and business banking, investment solutions, and insurance products. Although revenue and profit figures for 2023 were not provided, ATB is known for its commitment to the local community and customer-centric approach. The bank's focus on Alberta residents has helped it carve out a unique niche in the Canadian banking landscape.
Equitable Bank (EQ Bank)
Equitable Bank, known for its digital banking services, has total assets of C$54.07 billion as of July 31, 2024. As one of Canada’s leading online banks, EQ Bank emphasizes seamless digital experiences and competitive rates for its customers. Although specific revenue figures for 2023 were not provided, its innovative approach and focus on customer satisfaction have garnered a loyal customer base. EQ Bank’s commitment to online services makes it an attractive option for those seeking convenience and efficiency.
Laurentian Bank of Canada
Laurentian Bank of Canada, with total assets of C$47.46 billion as of July 31, 2024, offers a variety of financial services, including personal and commercial banking, wealth management, and investment services. Although specific revenue and profit figures for 2023 were not available, Laurentian Bank is known for its strong community ties and customer service. Its focus on small and medium-sized enterprises has made it a go-to option for businesses in Canada.
Canadian Western Bank
Canadian Western Bank rounds out the list with total assets of C$42.46 billion as of July 31, 2024. The bank provides a wide range of financial services, including personal and business banking, investment solutions, and insurance products. While specific revenue and profit figures for 2023 were not disclosed, Canadian Western Bank is recognized for its customer-focused approach and commitment to serving the needs of local communities.
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Conclusion
This guide serves as a comprehensive resource for anyone looking to open a bank account in Canada. Each of the top 10 banks listed offers unique services and features that cater to different customer needs. The Canadian banking sector is home to many reputable institutions, and your final decision will depend on your personal or business requirements. By evaluating these banks, you can identify the one that aligns best with your financial goals and interests.